The global offshore wind energy market was valued at USD 45 Billion in 2021 and is expected to reach USD 93.5 Billion by 2028, growing at a CAGR of 9.1% during the forecast period 2021 and 2028.
Offshore wind energy, also called as offshore wind power, is the utilization of wind farms constructed off the shore or on the continental shelf to harvest wind energy for electricity generation. Offshore wind power includes inshore water areas such as fjords, lakes, and sheltered coastal areas, which utilize conventional fixed bottom wind turbine technologies and deep water areas utilize floating wind turbines.
Wind power generation is that the connecting of kinetic energy from the wind and its conversion into electric energy. This is often achieved through the use of wind turbines to get electricity. The energy within the wind turns three propeller-like blades around a rotor. The rotor is connected to the most shaft, which spins the generator to supply electricity. Onshore wind energy has been utilized for several years however, offshore wind energy may be a relatively newer phenomenon.
The rising electricity demand along with quickly increasing emission levels related to traditional power plants is likely to drive the industry growth. A large number of offshore wind energy projects are under the planning and construction phase. Advantages of offshore wind energy installations include an overall reduction in project cost and unhindered primary fuel (wind) required for energy generation since wind speeds are high at offshore than onshore.
A growing share of renewable energy is predicted to drive the worldwide offshore wind energy market. Increasing awareness about global climate change and technological development is expected to further boost the market. Additionally, the governments of the prevailing offshore markets shall increase their targets and volume towards 2030, which can cause a big increase in offshore installation and therefore the new projects being awarded. However, high-cost risks, and provide chain bottlenecks associated with offshore wind energy projects are expected to hamper the expansion of the market.
COVID-19 Impact Analysis
COVID-19 has impacted businesses across the globe. However, Europe is one among the leading regions in offshore wind energy and one among the foremost severely suffering from the COVID-19, which has restrained the continued growth owing to delays in projects. Following the pandemic, several oil and gas companies around the world have announced job cuts as part of their efforts to reduce expenses. It has further disrupted supply chains, delayed projects on an oilfield, power generation, and created labor shortages. The disruption in European and global trade restricted the project construction, which also resulted in increased CAPEX for the projects. As per IEA, the post-pandemic offshore wind energy market is projected to witness higher growth than the onshore wind market.
Segment Analysis Preview
The global offshore wind energy market is segmented based on foundation type and water depth. Based on water depth, the worldwide offshore wind energy market is segmented into shallow and deep water. Currently, most of the offshore wind energy projects are based in shallow water. Constructing a shallow water offshore wind park incurs lesser efforts and overall project cost. Though, the share of deepwater offshore wind energy projects is projected to extend during the forecast period. Most of the offshore wind energy projects across the world are constructed during a water depth of up to 40 meters. However, many plans are being administered to construct wind farms in water depths of quite 50 meters.
On the essential foundation type, the global offshore wind energy market is segmented into monopile, jacket, tripod, and floating. Monopile foundations held the leading share of the worldwide wind energy market. These sorts of foundations are easy to construct and comparatively cheaper than other types. However, monopolies aren't fitted to deepwater projects. During the forecast period, floating-type foundations are expected to grow at the fastest rate. Offshore floating foundations are advantageous over fixed structures in terms of the entire cost incurred in installation and production. On the opposite hand, traditional offshore plants need fixing of foundations to the seafloor and bolting of massive turbines on them, which may hamper the ecology also.
Regional Analysis Preview
Europe dominated the worldwide offshore wind energy market in 2016. Countries like the U.K., Germany, Denmark, Netherlands, Belgium, and Sweden among others are leading players in Europe's offshore wind energy market. The Asia Pacific followed Europe in terms of offshore wind energy cumulative installed capacity. China is that the leading player in Asia Pacific offshore wind energy market and is predicted to grow at the fastest rate across the world. Japan, South Korea, and India among others are expected to further boost the market during the forecast period. The U.S. is additionally expected to witness numerous offshore wind energy projects during the forecast period. Other countries including Finland, Ireland, Spain, Norway, and Portugal also are expected to spice up the worldwide offshore wind energy market during the forecast period.
The key players have economically invested heavily in Siemens Wind Power, Vestas Wind Systems A/S, Goldwind Science and Technology Co. Ltd., Gamesa Corporacion Technologica SA, GE Wind Energy, Sinovel Wind Group Co. Ltd., Dong Energy A/S, Suzlon Group, Nordex SE, and China Ming Yang Wind Power Group Limited.
The other players in the value chain (profiles not included in the report) include Senvion SA, Alstom Energy Inc., Areva Wind, Clipper Wind Power, Doosan Heavy Industries, and Construction.
By Product Type
By the end users/application
By Foundation Type
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The Offshore Wind Energy market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Offshore Wind Energy market for the base year 2021 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Offshore Wind Energy market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Offshore Wind Energy market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Offshore Wind Energy market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Offshore Wind Energy capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Offshore Wind Energy by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Offshore Wind Energy market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Offshore Wind Energy market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Offshore Wind Energy market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Offshore Wind Energy industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Offshore Wind Energy market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Offshore Wind Energy market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Offshore Wind Energy market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Offshore Wind Energy market. These factors have benefited the growth of the global market for Offshore Wind Energy. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Offshore Wind Energy. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Offshore Wind Energy are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are: